The lawsuit facing Swiss regulator FINMA from Credit Suisse shareholders is gathering steam, with additional plaintiffs joining the group appeal.
The suit, brought by law firm Quinn Emanuel Urquhart & Sullivan, is seeking to appeal against FINMA's CHF16 billion writedown of Credit Suisse Additional Tier 1 (AT1) bonds during the government-assisted rescue of the bank earlier this year.
The law firm on Thursday said that it now is representing over 1,000 bondholders that hold approximately a third of the total notional value of the AT1 bonds.
FINMA in March said that the decision to impose losses on bondholders was legal and that emergency government legislation allowed for a total write-down in a ‘viability event’
AT1 bonds were engineered in the wake of the 2008 financial crisis to ensure that investors carry the burden of risk for a bank as opposed to tax holders. Credit Suisse bondholders however have been seeking legal advice as the rescue went against the established precedent of prioritising bondholders over shareholders.
Latest News
-
British financial sector optimism falls at fastest rate since 2022 amid Budget concerns
-
TransUnion to buy Monevo
-
Global banks to axe 200,000 jobs by 2030 as AI takes over human tasks, finds Bloomberg
-
Lloyd's of London chief executive officer Neal to step down in 2025
-
JPMorgan becomes final major Wall Street bank to exit climate alliance
-
Visa and Qashio partner on B2B travel payments solution
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories